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UAE's ADNOC Confirms Negotiations with Austria's OMV for New Polyolefins JV

Negotiations to merge Borouge and Borealis companies are going in a constructive and positive manner. WAM
Negotiations to merge Borouge and Borealis companies are going in a constructive and positive manner. WAM
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UAE's ADNOC Confirms Negotiations with Austria's OMV for New Polyolefins JV

Negotiations to merge Borouge and Borealis companies are going in a constructive and positive manner. WAM
Negotiations to merge Borouge and Borealis companies are going in a constructive and positive manner. WAM

Abu Dhabi National Oil Company (ADNOC) confirmed on Saturday negotiations with Austria's OMV to set up a new global polyolefins group.

It said in a statement that negotiations to merge their Borouge and Borealis companies were going in a "constructive and positive manner.”

The proposed merger would create a global polyolefin group, which would combine Canada's Nova Chemicals, Borealis and Borouge.

“The transactions are subject to respective agreements, regulatory approvals and customary conditions,” ADNOC added.

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GASTAT: Saudi Economy Experienced Highest Quarterly Growth in 2 Years

The Saudi capital Riyadh. SPA
The Saudi capital Riyadh. SPA
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GASTAT: Saudi Economy Experienced Highest Quarterly Growth in 2 Years

The Saudi capital Riyadh. SPA
The Saudi capital Riyadh. SPA

The General Authority for Statistics (GASTAT) released on Sunday the GDP report and national accounts indicators for 2024 and the fourth quarter of 2024, showing a 1.3% growth in real GDP compared to the previous year, with non-oil and government activities increasing by 4.3% and 2.6%, respectively, while oil activities declined by 4.5%.
In terms of quarterly estimates, real GDP grew by 4.5% in the fourth quarter of 2024 compared to the same quarter of the previous year. This growth was attributed to positive performance across all economic sectors.

Non-oil activities increased by 4.7%, oil activities grew by 3.4%, and government activities rose by 2.2% year-on-year.
The GASTAT report also noted that seasonally adjusted real GDP in the fourth quarter of 2024 grew by 0.5% compared to the third quarter of 2024.